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S$68 million in Matched Retirement Savings Scheme grants credited to CPF members

S$68 million in Matched Retirement Savings Scheme grants credited to CPF members
File photo of the CPF Bishan Building. (File photo: TODAY)

SINGAPORE: The Government has paid out S$68 million in Matched Retirement Savings Scheme grants to 117,000 Central Provident Fund (CPF) members, the CPF Board said on Wednesday (Jan 19).

The grants were credited to the Retirement Accounts of the members on Jan 7 for cash top-ups received in 2021.

Nine out of 10 members received the maximum annual matching grant of S$600, the board added.

“Apart from top-ups made by members and their loved ones, the CPF Board is heartened that seven community partners have made goodwill top-ups to more than 500 seniors in 2021, thereby enabling them to receive the matching grant and enjoy higher monthly payouts in retirement,” the board said in a news release.

The community partners are the Ang Mo Kio Family Service Centre, the Bukit Timah Citizens’ Consultative Committee, Fei Yue Community Services, the Hong Kah North Grassroots Organisations, the PAP Community Foundation (Yuhua Branch), the Tsao Foundation and the Woodlands Citizens’ Consultative Committee.

The Matched Retirement Savings Scheme was launched in 2021 to help seniors who have not met the prevailing Basic Retirement Sum save more for their retirement.

Under the scheme, every dollar of cash top-ups made to eligible members will be matched by the Government, up to a maximum of S$600 per year. The scheme will run until 2025.

CPF members who “make full use” of the Matched Retirement Savings Scheme could accumulate as much as an additional S$8,300 in their Retirement Accounts, the CPF Board said. This corresponds to S$45 more in monthly payouts for life.

Members are assessed automatically every year to determine their eligibility for the scheme, and no applications are needed. This year, 435,000 CPF members will be eligible for the scheme, including 35,000 who are newly eligible, the board said.

Eligible members would have received a notification through email, SMS, WhatsApp or post this month. Members can also check if they qualify for the scheme on the CPF website

Who is eligible?

  • Members must be aged between 55 and 70 (both inclusive)
  • Have Retirement Account savings which are less than the current Basic Retirement Sum (BRS limit for 2022 is S$96,000)
  • Have an average monthly income of not more than S$4,000
  • Annual value of their residence must not be more than S$13,000 and they must not own more than one property
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Director of the CPF Board’s retirement savings department Ong Woei Jiin said: “CPF is the foundation of retirement for Singaporeans, and through (the Matched Retirement Savings Scheme), many seniors were able to build up more retirement savings.

“For members eligible for (the Matched Retirement Savings Scheme) in 2022, we would like to encourage them and their loved ones to make their top-ups as early as possible so that they could earn more interest over the year.”

Top-ups can be made via the CPF website and CPF mobile app in lump sums or in small amounts regularly throughout the year, the board added.

“Anyone, including members, their loved ones or the community, can make cash top-ups to eligible members,” the board said.

“The matching grant from the Government will be credited in January 2023.”

Source: CNA/kg(ac)

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